Dmitriy Chernovolov, Technical Analyst who has been actively following the FX markets for the last 11 years. He uses a systematic trend following approach combined with a proven money management system. Dima prefers to combine multiple technical analysis tools (e.g. Fibonacci retracements, trendlines, indicator divergences, Japanese candlesticks, Elliott Waves as well as horizontal support and resistance levels on different time-frame charts) to identify high probability synergetic trade setups with a high reward/risk ratio.

EUR/CAD: buy targets - 1.5800 and 1.6000

By: Dmitriy Chernovolov

EUR/CAD broke strong resistance zone

Next buy targets - 1.5800 and 1.6000

EUR/CAD continues to rise strongly – following the earlier sharp breakout of the strong resistance zone lying between the resistance levels 1.5400 and 1.5540 (this resistance level earlier stopped with the daily Evening Star the sharp intermediate impulse wave (1) in last August, as you can see below). The breakout of this resistance zone is likely to strengthen the bullish pressure on this currency pair in the coming trading sessions.

EUR/CAD is likely to rise further in the active impulse waves 3 and (3) toward the next buy target at 1.5800 – the breakout of which can lead to further gains toward 1.6000.